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SoftBank Group reports $5.9 bn third-quarter loss on tech slump
Japan's SoftBank Group on Tuesday reported a surprise $5.9 billion net loss in the third quarter, as a slump in the tech sector continued to hit the investment behemoth's bottom line. But it reported a record quarterly net loss for the first quarter, as tech shares tanked on interest rate hikes, a trend analysts said was likely to continue.
Nintendo cuts net profit forecast as chip shortage hits console sales
Nintendo cut its full-year net profit forecast on Tuesday, saying the global chip shortage and other supply chain problems had hit console sales in the nine months to December. But hardware sales by unit declined 21 percent on-year in April-December, "mainly due to a shortage of semiconductors and other component supplies that impacted production until around late summer".
SoftBank Group reports surprise third-quarter $5.9 bln loss
Japan's SoftBank Group reported a surprise 783 billion yen ($5.9 billion) net loss in the third quarter, as a slump in the tech sector hits the investment behemoth's bottom line. But its first quarter earnings were also hit by tech stock slumps, a trend analysts said was likely to continue.
French, German ministers to tackle green subsidies with US
The French and German economy ministers, Bruno Le Maire and Robert Habeck, kick off high-stakes talks with US officials Tuesday to underscore European concerns over President Joe Biden's ambitious climate action plan. For now, negotiations are proceeding under the European Commission's leadership, and Habeck believes that he and Le Maire can contribute to finding new solutions.
Japan's Mitsubishi Heavy scraps troubled passenger jet project
Mitsubishi Heavy Industries said Tuesday it had abandoned its struggling project to develop a passenger plane, a decade after the jet was due for commercial rollout. The development of the twin-engine plane for short flights had marked a new chapter for Japan's aviation sector, which last launched a commercial airliner in 1962.
India's Adani Enterprises shares rocket 20%
Shares in the flagship firm of troubled Indian conglomerate Adani rocketed as much as 20 percent Tuesday, making up some of the huge slump suffered since last month. Adani Enterprises, the group's flagship firm, soared on Tuesday, with trading suspended three times as they went up 20 percent.
China's Baidu says developing AI chatbot
Chinese search engine giant Baidu on Tuesday said it was developing an AI-powered chatbot, as tech giants rush to match the success of ChatGPT, a hugely popular language app that has sparked a gold rush in artificial intelligence technology.
Asian markets rebound from Fed sell-off but traders still uneasy
Asian markets squeezed out gains Tuesday, giving investors some relief from a recent sell-off fuelled by worries that US interest rates will go higher than feared following last week's blockbuster jobs report. He told Bloomberg News: "I would expect that that would translate into us raising interest rates more than I have projected right now."
UK property investors include Kremlin allies: study
Almost 52,000 UK properties are owned by anonymous investors, including some "close to the Kremlin", a report said Tuesday despite laws seeking to stop dirty Russian cash after Moscow's invasion of Ukraine. More than a fifth, or £1.5 billion, was ploughed into property with "suspect funds from Russia, including those subject to sanctions and close to the Kremlin", it added.
AFP
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